Shares of IFCI surged as much as 5.2% to hit an intraday high of Rs 89 on the BSE on Monday, extending gains for a second consecutive session. The stock has now rallied 27% over the two-day period amid growing optimism that the National Stock Exchange (NSE) could soon file its draft IPO papers with market regulator SEBI.
The state-owned financial institution holds a 52.86% stake in Stock Holding Corporation of India (SHCIL), which owns 4.4% of NSE as of the December quarter. As a result, IFCI has indirect exposure to the country's largest stock exchange through SHCIL, making the stock a key beneficiary of any progress related to NSE's long-awaited public listing.
